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“John L. Neufeld offers a comprehensive historical treatment of the economics that shaped electric utilities. Compared with most industries, the organization of the electric utility industry is not—and cannot be—economically efficient. Most industries are kept by law in a state of fair competition, but the capital necessary to start an electric company—generators, transmission and distribution systems, and land and buildings—is so substantial that few companies can enter the market and compete. Therefore, the natural state of the electric utility industry since its inception has been a monopoly subject to government oversight. These characteristics of electric utilities—and electricity’s importance—have created over time sharp political controversies, and changing public policies have dramatically changed the industry’s structure to an extent matched by few other industries. Neufeld outlines the struggles that shaped the industry’s development, and shows how the experience of electric utilities provides insight into the design of economic institutions, including today’s new large-scale markets.”